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Christopher Lewis
S&P 500 daily chart, September 06, 2019

The S&P 500 broke higher during the trading session on Thursday, clearing the 2950 handle, reaching towards the 2980 level after that. Above there, the 3000 level is also a target at a large, round, psychologically significant figure. At this point, short-term pullbacks are probably going to be buying opportunities, as the market certainly looks as if it is ready to return to the “everything is awesome” attitude. That being said, we are somewhat whistling past the graveyard but in the short term it certainly looks as if the market favors the upside.

S&P 500 Video 06.09.19

Adding more fuel to the volatility fire of course is the fact that the jobs number come out on Friday, and with that being the case there will be a lot of volatility. Traders are starting to focus on whether or not there are going to be 25 or 50 basis points cut from the interest rate in America. The deeper the cut, the higher the market will go. After all, the volatility has been horrific but as long as the Americans and the Chinese seem to be “game on”, that should send this market to the upside. If we can break the 3050 handle, then we could go much higher, making a fresh, new high and continuing the big grind to the upside. To the downside, one would have to think that the blue 200 day EMA would offer a bit of support near the 2850 handle. Below there we also have the 2800 level, so clearly there are much more in the way of support levels underneath and there are resistance levels above.

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